Maroc - NEWSDAY.CO.TT - A la Une - 11/Sep 06:57

Life insurance awareness month

Every September, we observe life insurance awareness month, a timely reminder that financial protection is one of the most valuable gifts we can provide our loved ones. Too often, families recognise the importance of insurance only after it’s too late, leaving loved ones vulnerable and at risk of financial hardship. By taking a few careful steps today, we can safeguard our children’s education, our homes and our family’s dreams, no matter what the future holds. Let’s take a closer look at some of the most frequently asked questions about life insurance: 1) Who should purchase life insurance? Life insurance is important for everyone. Young adults can take advantage of lower premiums, securing substantial coverage at an affordable cost that will benefit them for years to come. Parents should ensure they have adequate protection to safeguard their children’s future and maintain financial stability for the family. Business owners also need life insurance to cover debts, support succession planning and protect the legacy they’ve worked hard to build. Likewise, anyone carrying personal loans or other financial obligations should have coverage in place so their loved ones are not left with those liabilities. 2) Can I purchase life insurance if I am unwell? Being unwell does not necessarily put life insurance out of reach – it simply means your options may look a little different. Individuals with well-managed conditions such as diabetes or hypertension can often still qualify for coverage, though the terms may vary. More serious health concerns, like heart disease or cancer, may come with certain restrictions. For instance, some policies designed for higher-risk applicants include a waiting period before full benefits are payable. That’s why it’s so important to be transparent about your health history with your advisor, who can guide you toward the policy best suited to your circumstances. 3) How much life insurance coverage do I need? A common guideline is to have life insurance coverage of at least ten times your annual income. However, if you have outstanding debts or wish to secure additional protection, it’s wise to discuss your specific needs with a qualified advisor. 4) How is my premium calculated? Life insurance premiums are influenced by several factors, including age, gender, the amount of coverage and the policy term. If a medical examination is required, your health will be evaluated and your premium may be adjusted to reflect your individual risk profile. The post Life insurance awareness month appeared first on Trinidad and Tobago Newsday.